HOUSE FLIPPING GUIDELINES - Tidewater Mortgage Services...house flipping guidelines Lender must...

FHA Loans• A property is eligible if resold between 91 and 180 days

after purchase and§ new contract must be dated at least 91 days from current

owner/seller aquistion date§ a 2nd appraisal is obtained if the resale price is 100% or

greater than price paid by seller§ if a 2nd appraisal is obtained and more than 5% lower than

thevalueofthefirstappraisal(lowervaluemustbeused)§ the borrower does not pay for 2nd appraisal

• A property is not eligible if resold 90 days or less aftercurrent owner/seller aquistion date

• Exceptions§ Investor is an employer or relocation company

purchasing a property to relocate an employee§ Resale of HUD Real Estate Owned properties§ Property is acquired through inheritance§ Sales by other government agencies or builders

selling a new home§ Salesofnon-profitagenciesapprovedtopurchase

HUD properties§ Sales of properties by federally chartered instituitons or GSEs§ Sales of properties in federally declared disaster areas

VA Loans• No Rules for Property Flipping (Additional underwriting

guidelines may apply at lender’s discretion)

USDA Loans• If a property’s value increases substantially between the

previous sale and new purchase, a lender is responsiblefor ensuring the property’s value is strong supported

• A property’s appraisal value must be supported withvalidated comps from the lenderto protect the borrower frompredatory lending

Fannie Mae• No Rules for Property Flipping

(Additional underwritingguidelines may apply atlender’s discretion)

Freddie Mac• No Rules for Property Flipping

(Additional underwritingguidelines may apply at lender’s discretion)

HOUSE FLIPPING GUIDELINES

Lender must obtain a 12-month chain of title to document time restrictions above. Guidelines are subject to change without notice and are neither a loan commitment nor a guarantee.

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